Your company’s ability to keep up with consumer demand, meet deadlines, and stay in business rests largely on the continued functionality of its equipment. Should a vital piece of equipment break down, then you might not be able to afford to repair or replace it. If this is the case, then this could spell the end for your business. The best way to protect against this possibility is by having the right equipment breakdown insurance in place.
Also known as boiler and machinery insurance, equipment breakdown insurance provides coverage for equipment that requires immediate repair or replacement due to some type of mechanical malfunction. This type of insurance extends coverage to a wide range of equipment types, including those under the category of electrical, air conditioning, refrigeration, boiler and pressure vessel, computer and communications, mechanical, renewable and alternative energy, and production systems.
While you might assume that your equipment is covered under your business’s commercial property insurance, this is not totally accurate. It’s true that commercial property insurance covers your equipment, but only if it has been stolen or damaged as a result of a covered peril. If your equipment sustains damage due to issues such as mechanical breakdown, electrical arcing, explosion of boilers, and so on, then your commercial property insurance will not offer the coverage you need. In this situation, only equipment breakdown insurance will offer the coverage that you need to repair or replace your damaged equipment.
Interested in securing the right equipment breakdown insurance for your company? Then do not hesitate to turn to the experts at Premier Risk, LLC. Our dedicated team of insurance professionals is ready to assist you with all your coverage needs. Contact us to get started today.